Group 1 - The company, Zhongmin Energy, announced the resignation of its Vice President, Mr. Yan Bo, due to work-related changes [2] - Mr. Yan Bo's resignation will take effect immediately upon submission of his resignation report to the company's board of directors [2] - Following his resignation, Mr. Yan Bo will no longer hold any position within the company [2]

证券代码：600163 证券简称：中闽能源 公告编号：2026-004 中闽能源股份有限公司 鄢波先生在担任公司副总经理期间，恪尽职守、勤勉尽责，在公司业务发展、 行政管理和品牌宣传等方面发挥了积极作用。在此，公司及董事会对其在任职期 间为公司发展所做出的努力与贡献表示衷心感谢！ 中闽能源股份有限公司（以下简称"公司"）董事会于近日收到副总经理鄢 波先生提交的辞职报告，鄢波先生因工作变动原因申请辞去公司副总经理职务。 一、董事/高级管理人员离任情况 (一) 提前离任的基本情况 | 姓名 | 离任职务 | 离任时间 | | | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | | | | 承诺 | | 鄢波 | 副总经理 | 2026 | 年 2 | | 2028 年 | 11 | 工作变动 | 否 | ...

格隆汇2月6日丨中闽能源(600163.SH)公布，公司董事会于近日收到副总经理鄢波先生提交的辞职报 告，鄢波先生因工作变动原因申请辞去公司副总经理职务。根据《中华人民共和国公司法》、《公司章 程》等有关规定，鄢波先生的辞职报告自送达公司董事会之日起生效，其辞职后不再担任公司任何职 务。 ...

证券代码：600163 证券简称：中闽能源 公告编号：2026－003 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中闽能源股份有限公司（以下简称"公司"）董事会于近日收到副总经理鄢波 先生提交的辞职报告，鄢波先生因工作变动原因申请辞去公司副总经理职务。根 据《中华人民共和国公司法》、《公司章程》等有关规定，鄢波先生的辞职报告 自送达公司董事会之日起生效，其辞职后不再担任公司任何职务。 鄢波先生在担任公司副总经理期间，恪尽职守、勤勉尽责，在公司业务发展、 行政管理和品牌宣传等方面发挥了积极作用。在此，公司及董事会对其在任职期 间为公司发展所做出的努力与贡献表示衷心感谢！ 特此公告。 中闽能源股份有限公司董事会 2026 年 2 月 7 日 中闽能源股份有限公司 关于副总经理辞职的公告 ...

Core Viewpoint - The company announced the resignation of Deputy General Manager Yan Bo due to job changes, effective immediately upon delivery of the resignation report to the board [1] Group 1 - Yan Bo played a positive role in the company's business development, administrative management, and brand promotion during his tenure [1]

Core Viewpoint - The report from Dongwu Securities highlights the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [2][3]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50% [2]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [2]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and to relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [2]. Group 2: Capacity Compensation Mechanism Expansion - A new independent capacity price mechanism for grid-side energy storage has been established, which will be compensated based on local coal power standards [3]. - The pumped storage capacity price mechanism will adopt a "new and old distinction" principle, allowing for market-based cost recovery [3]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [3]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods [4]. - A reliable capacity compensation mechanism will be established to replace the original capacity price, focusing on compensating for the fixed costs not recovered by marginal units [4]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage [4]. Group 4: Investment Recommendations - Operators of coal power, gas power, and pumped storage will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [4]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring high-quality storage asset operations [4]. - The regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [4]. Recommended companies include Huaneng International (600011), Huadian International (600027), and Longyuan Power (001289) [4].

Core Viewpoint - The company, Zhongmin Energy, has confirmed that it has not established a financial shared service center [1]. Group 1 - The company expressed gratitude for investor interest on its interactive platform [1]. - An investor inquired about the establishment of a financial shared service center, including its year of establishment and the technological tools used [3]. - The investor also asked about the number of financial shared service centers and their geographical or business segment classification [3].

Group 1 - The company, Zhongmin Energy (600163.SH), stated on its investor interaction platform that it has not established a financial shared service center [1]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Market Overview - The electricity sector increased by 1.3% compared to the previous trading day, with Baitong Energy leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Top Gainers in the Electricity Sector - Baitong Energy (001376) closed at 19.76, up 10.02% with a trading volume of 250,700 shares and a transaction value of 478 million [1] - Zhongmin Energy (600163) closed at 6.09, up 9.93% with a trading volume of 687,900 shares [1] - Luxiao Technology (002617) closed at 9.28, up 7.16% with a trading volume of 3,681,900 shares [1] - Haoling Power (600452) closed at 10.68, up 4.71% with a trading volume of 673,100 shares [1] - Huayin Power (600744) closed at 6.94, up 4.68% with a trading volume of 2,474,800 shares [1] Top Losers in the Electricity Sector - Shiwang Energy (605028) closed at 31.46, down 9.99% with a trading volume of 3,450 shares [2] - Hengsheng Energy (605580) closed at 24.97, down 7.04% with a trading volume of 210,600 shares [2] - Tuo Ri New Energy (002218) closed at 4.90, down 4.85% with a trading volume of 2,516,900 shares [2] Capital Flow Analysis - The electricity sector saw a net inflow of 181 million from main funds, while retail funds experienced a net inflow of 475 million [2] - Main funds showed a significant net outflow from several companies, including China Nuclear Power (601985) with a net outflow of 32.02 million [3] - Zhongmin Energy (600163) also experienced a net outflow of 44.80 million from main funds [3]